The Prime
Minister
claimed to
have struck
a "historic"
deal to end
the global
recession as
he unveiled
plans to
plough more
than $1
trillion
into the
world
economy.
"This is the
day that the
world came
together to
fight back
against the
global
recession,"
he said.
"Not with
words but
with a plan
for global
recovery and
reform."

Barack
Obama, the
US
President,
hailed the
deal as a
"turning
point" for
the global
economy
which would
put it on
the path to
recovery.

Under the
$1.1
trillion
(£750
billion)
agreement,
which
followed
several days
of intense
negotiation,
struggling
economies
will be
offered
money
provided to
the
International
Monetary
Fund (IMF)
by wealthier
nations. The
G20 leaders
also agreed
restrictions
on bankers'
pay, rules
to target
tax havens
and hedge
funds and a
new
financial
early
warning
system to
prevent a
future
economic
meltdown.

"Today's
decisions,
of course,
will not
immediately
solve the
crisis.
But we have
begun the
process by
which it
will be
solved,"
Mr Brown
said.
"I think a
new world
order is
emerging
with the
foundation
of a new
progressive
era of
international
co-operation,"

The success
was echoed
by Mr Obama.
"By any
measure the
London
summit was
historic,"
he
said. "It
was historic
because of
the size and
the scope of
the
challenges
that we face
and because
of the
timeliness
and
magnitude of
our response."

Mr Sarkozy,
who had
threatened
to walk out
of the talks
unless he
got action
on tax
havens, said
a "page has
been turned"
on the old
financial
model, the
"Anglo-Saxon
model".

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